FWD Group acquires AIG Fuji Life Insurance Company, Ltd.


Debevoise & Plimpton has advised American International Group (“AIG”) in the sale of its Japan life insurance business, AIG Fuji Life Insurance Company, Ltd. (AFLI), to FWD Group, the insurance arm of Pacific Century Group.

AFLI was founded in 1996 as a subsidiary of The Fuji Fire and Marine Insurance Company. The company has achieved rapid growth through the development of competitive life insurance products and new distribution channels. Following completion of the deal, FWD Group will maintain AFLI’s existing life insurance distribution agreements with AIG Japan. This transaction does not affect AIG’s extensive non-life insurance business in Japan, the largest of any foreign-based insurer in the country.

AIG is a leading global insurance organization serving customers in more than 100 countries and jurisdictions. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.

Since FWD’s establishment in 2013, it has become a pan-Asian life insurer across Thailand, Indonesia, the Philippines, Singapore and Vietnam with a strong base in Hong Kong and Macau. FWD’s entry into Japan, the second largest life insurance market in the world, further extends its regional footprint and is part of its vision to become a leading pan-Asian insurer.

Debevoise has advised AIG on a number of matters in recent years, including several transactions in October with Fairfax Financial Holdings Limited as part of a strategic partnership to further focus and streamline AIG’s global insurance operations.

The Debevoise team advising AIG on the sale of AFLI was led by partner E. Drew Dutton (Picture) in New York, and included international counsel Edwin Northover, as well as associates Allison A. Lee, Wen-Wei Lai and Jayne So in Hong Kong and International Counsel Naomi Aoyama in Tokyo. Tax advice was provided by partners Peter F. G. Schuur in New York and Richard Ward in London, as well as associates Samuel M. Duncan and Ellie Mends. Employment advice was provided by associate Christopher Garrett in London.

Involved fees earner: Drew Dutton – Debevoise & Plimpton; Edwin Northover – Debevoise & Plimpton; Allison Lee – Debevoise & Plimpton; Wen-Wei Lai – Debevoise & Plimpton; Jayne Chi-Wing So – Debevoise & Plimpton; Naomi Aoyama – Debevoise & Plimpton; Peter Schuur – Debevoise & Plimpton; Samuel Duncan – Debevoise & Plimpton; Richard Ward – Debevoise & Plimpton; Ellie Mends – Debevoise & Plimpton; Christopher Garrett – Debevoise & Plimpton;

Law Firms: Debevoise & Plimpton;

Clients: American International Group;

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Author: Michael Patrini